Justin Sun sued by SEC. Effect on Bitcoin?

[Edwardard]

Another stressfull news for the community.
Tron founder Justin Sun sued by U.S. SEC on securities, market manipulation charges.
Market insta dumping since the news is out just after the fomc meeting, lol what a timing (seems like its all played and planned). Does anyone know how many btc does justin have to dump on us ?

Source of news: https://www.coindesk.com/policy/2023/03/22/tron-founder-justin-sun-sued-by-us-sec-on-securities-market-manipulation-charges/

[decodx]

Wow, sounds like there's never a dull moment in the crypto world!

But seriously, it's not surprising to see the market react to news like this. Investors don't like uncertainty, and legal trouble for a high-profile figure like Justin Sun can certainly create a lot of it. And the timing certainly seems suspicious, doesn't it? Maybe the SEC was trying to distract us from the FOMC meeting with a little crypto drama.

Will BTC bounce back from this, or will it continue to take a beating? Only time will tell, but I have a feeling this won't be the last we hear about this story.

[Woodie]

What's the worst that can come from this..if Justin Sun loses against SEC I think the worst that can happen is maybe paying some fine nothing more and probably being requested to getting whitelisted for tether to keep being used in this jurisdiction otherwise with so many banks going down at the moment I think the world is distracted and won't affect the markets much.
If anything I believe with banks being  affected which were suppose to be their clients safe house,it's clear crypto is the only answer and price is expected to keep soaring.

[livingfree]

I don't think that there will be much effect on bitcoin with SEC suing him. He can even afford to pay to have a dinner with Warren Buffett and that's a lot of "learning" for him.

Maybe the drop that we recently saw was due to him but then as I look at the market, it's all good and up again. So it seems that the market was quite affected by it but then it has recovered so fast that it makes it look like there's little to no effect at all.

[coolcoinz]

Market insta dumping since the news is out just after the fomc meeting, lol what a timing (seems like its all played and planned). Does anyone know how many btc does justin have to dump on us ?

Bitcoin dumped because FED hiked rates again exactly at the time when it dumped that's why there was a pump first about 30 minutes before the FED's announcement because people were speculating there would be a pivot. Since there was no pivot some traders dumped fearing the following decrease in stock prices would affect bitcoin.

Why wasn't there a bigger panic? Probably because the stocks have taken into account a possible hike and because bitcoin is slowly decoupling from stocks.

Bitcoin doesn't care about a shitcoiner like Sun and his schemes. Shitcoins don't affect bitcoin.

[AmoreJaz]

Wow, sounds like there's never a dull moment in the crypto world!

But seriously, it's not surprising to see the market react to news like this. Investors don't like uncertainty, and legal trouble for a high-profile figure like Justin Sun can certainly create a lot of it. And the timing certainly seems suspicious, doesn't it? Maybe the SEC was trying to distract us from the FOMC meeting with a little crypto drama.

Will BTC bounce back from this, or will it continue to take a beating? Only time will tell, but I have a feeling this won't be the last we hear about this story.

we know that BTC always bounce back, whatever situation we are in. there were a lot of worst situations that we have surpassed. this one is just another hiccup in this market. but we are still above 25k, wherein, we've been down to 25k since june 2022. so we are still doing good if we refer from that period.
as you said, time will tell when or how the market will going to perform these days. i guess, we just need to observe what's gonna happen next.

[Merit.s]

This will only affect the price of bitcoin to dump a little and I can see that this might be the lowest the price is will dump to or to 26k. Each time I see bitcoin price on correction,I feel happy regardless of what causes the dump because I do see these dumps as an opportunity for bitcoin price to go higher than the recent price. With this news on the suing of Justin Sun by SEC,I will be looking forward to see bitcoin price hits 29k-30k soon. I might be wrong but this is my own observation of the recent price movement since the beginning of this year.

[stompix]

Another stressfull news for the community.

Stressful?
Maybe you meant stressful for the Tron community, not the entire crypto community.Justin Sun has started having a really bad influence on nearly everything he touches, and lately, all his plans ended in either a failure or a dumpster fire.

But one must see the funny irony in this, just three days ago:
Justin Sun Puts Forward Proposal to Acquire Credit Suisse

Anyhow, this is not bad for BTC is bad for Tron and their shitcoins, one less alt on this over-saturated market just makes it a bit better.

And the timing certainly seems suspicious, doesn't it? Maybe the SEC was trying to distract us from the FOMC meeting with a little crypto drama.

Common, if the SEC would actually go after each suspicious case as they should they could make the news every single week, look at what has happened in all those deals behind every single one of the failures in FTX, 3AC, Genesis, how every single of those stablecoins are backed by empty promises just as bad as Credit Suisse, they have enough material for years to come just on recent events.

Besides, the dump started after the FED announcement, 2 pm EST is 18 on this graph

[lionheart78]

This will only affect the price of bitcoin to dump a little and I can see that this might be the lowest the price is will dump to or to 26k. Each time I see bitcoin price on correction,I feel happy regardless of what causes the dump because I do see these dumps as an opportunity for bitcoin price to go higher than the recent price. With this news on the suing of Justin Sun by SEC,I will be looking forward to see bitcoin price hits 29k-30k soon. I might be wrong but this is my own observation of the recent price movement since the beginning of this year.

I do not think the news about Justin Sun being sued by SEC will have an effect on the Bitcoin market.  Remember Justin Sun is sued not because of BTC but of manipulating the volume of TRX through wash trading.  If something is about to be affected, I think it should be TRX and other cryptocurrencies to where Justin Sun is affiliated.

The current price retrace of Bitcoin to sub $27k  and temporarily pointing toward $25k is not because of this news but the current interest hike announced by FED[1]. With the announcement, somehow fiat money gains its strength even though banks are failing.

Bitcoin
 slid 4.8% to $26,895.88, according to Coin Metrics. Ether
 fell 4.1% to $1,726.58, following a big move higher on Tuesday.

But somehow as of this reply, Bitcoin price already recovered above $27k.


[1] https://www.cnbc.com/2023/03/22/bitcoin-rises-ahead-of-key-fed-decision.html

[bitmover]

Another stressfull news for the community.

Stressful?
Maybe you meant stressful for the Tron community, not the entire crypto community.Justin Sun has started having a really bad influence on nearly everything he touches, and lately, all his plans ended in either a failure or a dumpster fire.

Exactly.

Tron is just one more of many altcoins projects which has little importance in the crypto world.

All the FUD and badnews we saw recently have absolutely zero impact in bitcoin technology and fundamentals.

BUSD, USDC, FTX, justin, musk, nothing of all that matters for bitcoin.

While Banks are collapsing because FED is raising rates and inflation is soaring bitcoin stands as one amazing alternative.  Tron and any other cryptocurrencies are just trying to get some of bitcoin credit, but in the end they are of little importance.

[Die_empty]

Another stressfull news for the community.
Tron founder Justin Sun sued by U.S. SEC on securities, market manipulation charges.
Market insta dumping since the news is out just after the fomc meeting, lol what a timing (seems like its all played and planned). Does anyone know how many btc does justin have to dump on us ?

Source of news: https://www.coindesk.com/policy/2023/03/22/tron-founder-justin-sun-sued-by-us-sec-on-securities-market-manipulation-charges/

It is only the court that can determine if the allegation against them is true or false. Justin Sun was sued together with some celebrities including Akon. SEC alleged that these celebrities promoted Sun's TRX and BTT as if they had interest in them. We know that banks have been on the news for the last few weeks, maybe they want to shift the people's attention to the crypto space. The banking sector have gradually lost it's reputation this few days, maybe they want to also dent the image of some key players in the industry to also give the sector a bad name. The impact of this suit on the price of bitcoin will not be much, hopefully within few days bitcoin will recover.

[suzanne5223]

Does anyone know how many btc does justin have to dump on us ?

No one can tell actually but I don't see the negative impact of Justin Sun's sue by the US SEC with the inclusion of 8 celebrities who were arrested for illegal promotion of TRX and BTT. Everybody knows the drill if you offer some promotion/sale to the US market the US SEC rules and regulations must be obeyed. No matter how powerful anyone maybe once he offers unregistered bounty programs not to mention multiple which were done by Justin Sun he has to face the consequences.
I am glad that the 8 celebrities that promote the movement are also sued because some influencers are the reason why most newbies are victims of scam projects.

[Captain Corporate]

I am not entirely sure if the market is reacting to this or not, but it shows once again who doesn't want the market to go up. Haven't see this movie before, whenever price goes up, a piece of bad negative news happens and then we start to go back down, it could be luna, it could be ftx, it could be mt.gox finally giving people their money back (and after btc price goes down, decides to "postpone" it) and now justin sun. As we all know the market is being manipulated and not by Justin, it is manipulated by the rich who forces SEC (whose salaries are paid by those rich) to do something about it. All I can say is that this will not be a long term thing and the market will recover for sure.

[rhomelmabini]

Market insta dumping since the news is out just after the fomc meeting, lol what a timing (seems like its all played and planned). Does anyone know how many btc does justin have to dump on us ?

Bitcoin dumped because FED hiked rates again exactly at the time when it dumped that's why there was a pump first about 30 minutes before the FED's announcement because people were speculating there would be a pivot. Since there was no pivot some traders dumped fearing the following decrease in stock prices would affect bitcoin.

I think this is the correct way to put it, not because of some celebrity getting sued by the SEC, the Coinbase issue was something like a salt added to the wound too.

Does anyone know how many btc does justin have to dump on us ?

Justin is far more intelligent than that, he knows how good BTC investment is rather than dumping it on the market, these whales will just gladly buy those. The dump was imminent to happen, there are just some factors that adds it. If he dumps it, it will just be temporary, it will recover in no time.

[Baofeng]

Another stressfull news for the community.
Tron founder Justin Sun sued by U.S. SEC on securities, market manipulation charges.
Market insta dumping since the news is out just after the fomc meeting, lol what a timing (seems like its all played and planned). Does anyone know how many btc does justin have to dump on us ?

Source of news: https://www.coindesk.com/policy/2023/03/22/tron-founder-justin-sun-sued-by-us-sec-on-securities-market-manipulation-charges/

Why is Justin Sun has an effect on Bitcoin though?

And I think the dump was not due to this news, but to The Fed announces ninth-straight interest rate hike of 25 basis points—here’s what will get more expensive.

And if ever there will be a dump, it should be on Tron and not Bitcoin. And it's obvious by now, it's down to

TRON Price (TRX)
$0.05917
-11.51%

as per CMC.

Not sure though how much BTC he has or will he dump it right away. But I will say that it may not be a secret in the market that Justin might be doing some manipulation behind years ago, he was even called by others as "shill God", hehehe. In any case, he could be done if SEC wins their case against him.

[SeriouslyGiveaway]

Tron founder Justin Sun sued by U.S. SEC on securities, market manipulation charges

I don't care of this news and I think that we are in a very good time with great chance when regulation on cryptocurrency market is not too strict. There is less regulation on this market than on other markets including market manipulations.

With manipulations, market will have high volatility and if you don't gamble with Leverage, Futures, you can enjoy the volatile market. In future if more stricter regulations enforced by governments and authorities, market will less volatile and you will have less chance to buy with great discount prices.

[Helena Yu]

What's the relation between Justin Sun and Bitcoin? none, Justin Sun is only focus on his own project e.g. Tron aka centralized coin.

It's only affect Tron coin, while the recent dump on Bitcoin price has nothing to do with it. If Justin Sun cause an effect on Bitcoin, Bitcoin already become a dead coin because there's always a scam developer or shitcoins become a dead coin in every month.

[hd49728]

What's the relation between Justin Sun and Bitcoin? none, Justin Sun is only focus on his own project e.g. Tron aka centralized coin.

TRON coin and TRON algorithmic stable coin $USDD. Total marketcap of USDD is small now and it is possible for Justin Sun to control its peg. In future if USDD becomes bigger, no chance for a single person like Justin Sun can control its beg and avoid de-peg, death spiral like Terra $UST.

Except if TRON and Justin Sun team can revolutionize algorithmic stable coin with something better.

It's only affect Tron coin, while the recent dump on Bitcoin price has nothing to do with it. If Justin Sun cause an effect on Bitcoin, Bitcoin already become a dead coin because there's always a scam developer or shitcoins become a dead coin in every month.

Recently Bitcoin did not have any dump. It's a very small correct after a long climb from under $16k to nearly $29k. How a minor correction about 3% can be considered as a dump in this volatile market?

[Darker45]

Justin Sun may be sued, found guilty, fined, or even jailed, Bitcoin doesn't care. Bitcoin will continue to thrive. Justin's centralized altcoin, Tron, however, will of course collapse along with him. And this will in fact benefit Bitcoin, especially in the long run. It may be a blessing in disguise.

If this happens, Justin won't be dumping his Bitcoin. That's the only thing of value that will be left of him. His centralized crypto companies will be gone together with Tron, a shitcoin as per his own admission.

[bbc.reporter]

Another stressfull news for the community.
Tron founder Justin Sun sued by U.S. SEC on securities, market manipulation charges.
Market insta dumping since the news is out just after the fomc meeting, lol what a timing (seems like its all played and planned). Does anyone know how many btc does justin have to dump on us ?

Source of news: https://www.coindesk.com/policy/2023/03/22/tron-founder-justin-sun-sued-by-us-sec-on-securities-market-manipulation-charges/

Similar to what I have mentioned before, there is presently more spot buying on bitcoin than leveraged buying. The instadumping did not make bitcoin drop more than 5% on the closing of the day and we might not anymore witness much of the liquidity cascades that causes these volatile drops on the price this year.

Also, stop this fud. Why are implying that Justin Sun will dump a high amount of bitcoin on us?